LIBERTY FINANCIAL ANNOUNCES MERGER WITH EQUIMARK
  Liberty Financial Group Inc, the
  parent of Liberty Savings Bank said it has signed a definitive
  agreement to be acquired by Equimark Corp &lt;EQK>, the parent of
  Equibank, for 48 dlrs a share of Liberty.
      The transaction is structured as a merger of Liberty with a
  duly-formed unit of Equimark, the company said.
      Liberty shareholders will receive about 48 dlrs per share
  uopn the merger, the company said.
      According to the companies, the acquisition is contingent
  upon the approval of Liberty's shareholders and the appropriate
  regulatory authorities.
     
      Liberty said the acquisition of its unit, Liberty Savings
  Bank, by Equimark Corp, will result in the bank operating as a
  separate wholly owned unit of Equimark.
      Charles Cheleden, chairman and president of Liberty
  Financial and Liberty Savings, will continue as president and
  chief executive officer of Liberty Savings, headquartered in
  Horsham, Pa., the company said.
      Liberty said it feels that the price of 48 dlrs in cash per
  share is attractive and that it has advised by Shearson Lehman
  Brothers that the price is fair.
  

